Gold Price Hits New Record High Ahead of Key US Economic Data

Gold Price Surges to New High Amid Fed Cut Hopes

Gold prices continued their upward rally, hitting a fresh all-time high of $3,673.49 per ounce on Tuesday. This comes as mounting anticipation grows over a potential Federal Reserve rate cut at next week’s FOMC meeting. Spot gold briefly surpassed Monday’s previous record of $3,636.71 before settling at $3,646.64, still up 0.3% intraday.

US gold futures mirrored the same bullish momentum, peaking at $3,715.20 before retreating to around $3,680. With this latest spike, gold’s year-to-date gain now approaches 40%, marking a historic performance for the yellow metal in 2025.

Investors are flocking to gold as the US dollar weakens, central banks continue heavy buying, and global geopolitical tensions remain high. Notably, gold’s breakout comes despite weeks of range-bound trading following its April high of $3,500, highlighting the shift in market sentiment.

Key Economic Data Could Drive Gold Price Higher

Analysts say the rally reflects strong expectations that the Fed will cut rates, possibly starting in September. Lower interest rates often boost gold’s appeal, making it a favored safe-haven during economic uncertainty.

Bart Melek, TD Securities’ commodity strategist, noted markets already expect a 25-basis-point cut this month. Some traders are also betting on a more aggressive 50-basis-point move. Upcoming US CPI and PPI data may provide further insights into inflation and the Fed’s next move.

Sprott Asset Management CEO John Ciampaglia expressed ongoing bullish sentiment toward gold. He highlighted that tariffs, trade tensions, and geopolitical risks could keep gold demand strong above $3,600.

SuperMetalPrice Commentary:

Gold’s latest surge reflects a deepening mistrust in traditional financial assets amid macroeconomic instability. While interest rate cuts remain a critical catalyst, broader themes—such as central bank diversification, trade policy, and geopolitical risk—are reinforcing gold’s role as a long-term hedge. For investors, these structural factors point to sustained momentum in the gold price, even beyond the current record levels. Watching key US data releases will be essential in the coming days.